REFORMS IN THE ARMENIAN PENSION SYSTEM TO BE PROLONGED FOR A YEAR

ARMENPRESS
Aug 14, 2009

YEREVAN, AUGUST 14, ARMENPRESS: Reforms in the Armenian pension system
will be prolonged. Since June 1 of 2010 the Armenian Republic must have
passed to multi-grade pension system, which suggests a new component,
particularly – an accumulating system.

Head of the State Service of Social Insurance of the Armenian Ministry
of Labor and Social Affairs Vazgen Khachikyan said today that the
reforms are purposeful to delay with a year connected with global
economic crisis.

Currently discussions are being conducted on that issue, in near
future the visit of international experts is expected, who will
examine the influence of the crisis on the Armenian pension system and
specify the purposeful time of carrying out reforms. The international
experts should present the results of their researches to the Armenian
government. By the initial data, they will arrive in Armenia at the
end of August or at the beginning of September.

Reforms to be carried out in the pension system will consist of 2 parts
– obligatory accumulating and voluntary systems. In the obligatory
case the people born in 1970 and hence, in the volunteer case –
a citizen of any age born till 1970 must be involved. The citizens
may invest the part of their salary in the stocks determined by the
government. A personal account should be opened for each citizen,
where the money will be accumulated.